Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2015

Summary of Significant Accounting Policies

Schedule of assets that are required to be measured at fair value on a recurring basis

As of September 30, 2015, the Company held certain assets that are required to be measured at fair value on a recurring basis.  The following table represents the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2015 (in thousands):

	Fair Value Measurements at September 30, 2015 Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	240,643	$	240,643	$	—	$	—

As of June 30, 2015, the Company held certain assets that are required to be measured at fair value on a recurring basis. The following table represents the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2015 (in thousands):

	Fair Value Measurements at June 30, 2015 Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	269,304	$	269,304	$	—	$	—

Schedule of inventory

Inventory at September 30, 2015 and June 30, 2015 is summarized below (in thousands):

	September 30, 2015		June 30, 2015
Raw materials	$	76	$	279
Work in process	1,170		2,656
Total	$	1,246	$	2,935

Schedule of common stock equivalents, as calculated in accordance with the treasury-stock method

	Three Months Ended September 30,
	2015	2014
Options outstanding to purchase common stock and unvested restricted stock (in thousands)	11,494	10,564
Common stock equivalents under treasury stock method	1,296	1,147

Schedule of weighted-average assumptions used to estimate the fair value of each stock option

	Three Months Ended September 30,
	2015		2014
Dividend	None		None
Volatility	67.07	%	60.44	%
Risk-free interest rate	1.89	%	1.88	%
Expected life (years)	6.3		6.3

Schedule of percentage of total revenues recognized from each significant customer

	Three Months Ended September 30,
Collaborative Partner:	2015		2014
Biotest	16	%	11	%
Lilly	35	%	3	%
Sanofi	—		45	%
Roche	38	%	32	%